Vivant Corp., through its subsidiary Vivant Energy Corp., recently acquired the San Ildefonso Alternative Energy Corp. (SIAEC) which is currently developing a 22 megawatts (MW) solar project in San Ildefonso, Bulacan.
In a disclosure to the Philippine Stock Exchange, Vivant said the transaction involves the acquisition of a solar power plant and ancillary facilities for $15.5 million (P853.4 million), wherein $10.93 million was paid for the purchase of the assets and the remaining amount for the payment of other development fees and related expenses.
“Our investment in SIAEC is in line with our goal to increase our renewable energy portfolio to 30 percent by 2030,” said Emil Andre Garcia, Vivant Corp. president, in a statement.
The SIAEC project is designed to generate approximately 30 gigawatt hours every year which translates to preventing around 18,000 tons of carbon dioxide from being emitted annually
At present, the total capacity of Vivant’s energy projects is at around 382 MW and is considered as the among the largest power providers in off-grid areas.
